Many People Starting To Make Their Living Off Cryptocurrency
We see this in most bull markets. I saw it a couple times in the equities markets. When the bull runs, we see people who quit their jobs and live exclusively off their trading or gains.
In this video I disucss the idea of speculation versus income. We have many in crypto leaving their jobs but it is because they have the steady income to do so? Or is it because they have some gains and now feel "rich" enough to do it?
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BEER.A bull market is precisely the wrong time to quit your job. If you can afford to do it during a bear market, then that's what you should do if you hate your job.
But what happens to them, when the bull run ends, and the bears come? Can they continue to earn their living with crypto?
Valid points, !BRO
I think crypto has the potential to be different for a larger percent of people because it’s still so early.
Some of the things that I’m speculating now are also things that pay daily.
In fact, most everything on Hive has both baked in.
The few dollars or even pennies I get from the rare post to tribes outside my general interests will grow as they earn a growing return.
Over the last year, for instance, DEC has 10xd. If I had been holding that like I am CROP now 😁 I’d have millions but it’s too goddamn useful to just sit on. I gotta spend it to get more of it.
Getting back to the point… holding eth is fine but staking hive, or bee, or even fucking pizza for Christ’s sake, drips money into my wallet that gets fatter as it falls and keeps swelling in the bag.
Then you have a tiny plethora of pools on tribaldex to draw earnings from. You have cub defi, which was what finally got me to cozy up to BSC & BNB, where a whole new world of magic just sprouted up and starting making everything wonderful.
The difference here is all these things aren’t business as usual. I’m not familiar with the equities market but I’m willing to bet it’s never seen anything like crypto in form or function.
Anyone can drop a few cents here, earn a few there and scatter them around and be very hard pressed to not hit something. Would you say that’s true if the equities market?
Well i think one can still be doing their job and still invest on cryptos , they can do both together..
I think that I should have more passive income sources, instead of only crypto, to quit my job.
It will not hit me when crypto market goes down because I have another income.
Still on the way to do it :)
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DeFi changed a lot; I have been living of the CUB_BNB for 8 months.
Not taking gains from speculation, but enjoying the constant stream of revenue!
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The real test will be when the bears hit the dance floor!
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Summary:
In this video, Task discusses the trend of individuals leaving traditional jobs to rely on income from cryptocurrencies. He draws parallels to similar behavior seen in equity markets during bull markets and emphasizes the importance of distinguishing between speculative gains and sustainable income. Task highlights the growing influence of DeFi and tokenization in various aspects of life, and urges viewers to consider creating multiple streams of income through crypto investments like Hive and other projects. He encourages a balanced approach, combining speculation with long-term strategies to ensure financial stability beyond bull markets.
Detailed Article:
Task's video centers around the increasing number of individuals transitioning from traditional employment to earning a living through cryptocurrencies. He relates this trend to past occurrences in equity markets during bullish phases, where people often became overly reliant on market speculation for income, only to struggle once the bull market ended.
He discusses the two main types of gains in markets: speculative gains, where individuals profit from asset price increases, and income, which involves generating a consistent flow of capital. Task emphasizes that sustainable income is more challenging to achieve but crucial for long-term financial stability. He uses Shiba Inu as an example of a speculative asset that can generate significant short-term gains but carries high risk in the long run.
Task delves into the concept of income-producing activities within the crypto space, highlighting projects like Hive where users can earn tokens for creating content or engaging with the platform. He mentions other tokens like Leo, Proof of Brain, and CTP that provide additional avenues for income generation.
Furthermore, Task stresses the importance of diversifying income streams and combining speculative investments with projects that offer consistent returns, such as staking stablecoins or engaging in activities that provide a regular income. He uses real-life examples of individuals who have successfully transitioned to living off their investments by actively managing their portfolios and generating steady returns.
Task cautions against solely relying on speculation and encourages viewers to consider the potential risks during market downturns. He advises individuals to assess their financial preparedness for various scenarios and suggests engaging in income-generating activities within crypto projects to build stable cash flow. Task underscores the significance of striking a balance between speculation and sustainable income to achieve financial security beyond market fluctuations.
In conclusion, Task encourages viewers to adopt a strategic approach to their crypto investments, explore income-producing opportunities within projects like Hive, and prioritize long-term financial stability over short-term speculative gains.